Every employee wants to focus on the most important aspects of their job. On days when there is so much going on, clocking in or out at work is something that can easily be overlooked, especially if it is not a habit for employees.
It’s common knowledge that business miles are deductible on your tax return. Every time you drive for business-related reasons, such as meeting clients or attending seminars, you can claim the mileage deduction come tax season. This also applies when you’re traveling by cab or Uber. It is very important that you keep track of your business miles. If not, you can lose a lot of money that you should’ve gotten.
People whose jobs require a lot of traveling know how important it is to keep good records of their business mileage. However, there are some people who have no clue how to keep track of their records or may not even care enough to do so. By neglecting to keep these records straight, you won’t be able to include the expense on your business taxes, which means that you will miss out on a huge tax deduction.
Construction projects have to follow a strict timeline in order to avoid budget inflation and late delivery fees. For that reason, a contractor has to be very efficient with their time to make sure that the project is completed by the deadline. The traditional time card system has been around for decades. While it was an innovative process at the time it was invented, that’s no longer the case.
Mileage tracking is very important to freelancers, self-employed individuals as well as to many businesses. The IRS allows self-employed individuals to claim deductions for the mileage driven for the year during the course of business.